Dealing With Loss of Employment Due to COVID-19

Last month, unemployment insurance claims in the US soared past three million, a record-breaking number which far surpasses previous highs. This number shatters the Great Recession crest of 665,000 of March 2009 and has developed into a pandemic of unemployment. There are few places hiring right now, so your chances of getting another job at the moment are limited. But there are still some things you can do to manage your finances and address your unemployment.

  • Apply for unemployment – Filing for unemployment may reduce your financial strain.
  • Look for new job opportunities – Whether you search for a new full-time job, or you look for ways to make money by freelancing on sites like FIVERR.
  • Create a budget – Creating a budget can help you gain a better sense of control over your financial situation.
  • Manage your payments – Explaining your situation to your credit card company, mortgage lender, and other financial institutions may help lower your payments. That’s why many creditors are offering programs for people experiencing economic hardship right now.
  • Further your education – Taking classes for credit or signing up for an online course for your own enrichment could be helpful to your career. Online learning sites like Coursera and edX are currently providing free or low-cost classes at some of the most prestigious universities in the nation.
  • Update your resume – Updating your resume and uploading it to sites like Indeed and Linkedin may increase your chances of landing a job if you start applying for new positions.